On November $1,2023,$ Cheng Company $($a U$.$S$.-$based company$)$ forecasts the purchase of goods from a foreign supplier for $300,000$ yuan. Cheng expects to receive the goods on April $30,2024,$ and make immediate payment. On November $1,2023,$ Cheng enters into a six$-$month forward contract to buy $300,000$ yuan. The company properly designates the forward contract as a cash flow hedge of a forecasted foreign currency transaction. Forward points are excluded in assessing hedge effectiveness and are amortized to net income using a straight$-$line method on a monthly basis over the life of the contract. The following U$.$S$.$ dollar$$Yuan exchange rates apply:Complete this question by entering your answers in the tabs below.

Req $A$

Req $B$ and $C$

b$.$ What is the impact on net income in $2023?$

c$.$ What is the impact on net income in $2024?$

Note: For all requirements, negative amounts should be entered with a minus sign. Do not round intermediate calculations.

b$.$ Impact on net income in $2023$

c$.$ Impact on net income in $2024$